Asensus Surgical Inc (NYSE: ASXC) Appears Bearish Or Bullish For Investors?

Asensus Surgical Inc (NYSE: ASXC) closed at $2.70 in yesterday’s trading session, up 8.43%. The company, known for advanced digital laparoscopy system, Senhance, formerly traded under TransEnterix name. When the year started, ASXC was trading at $0.6. however, its value rose to $3.8 by the end of the first month. This came in before the company broke the news of CE Mark’s approval for its Senhance Surgical System. This drove shares up, where they valued at $6.3 by mid-February.

Evolution from robotics to digital surgery

Asensus Surgical, Inc. did not just change its name but also started evolution from being known as a robotics company to a digital surgery firm. Rebranding is reflecting better on the company, said its CEO, Anthony Fernando. In late January, the company had winded up raising $69.25 million when it sold 23.1m shares priced at $3 per share. The move did not damage the growing share price. Thereafter, the firm changed its name and eventually the ticker symbol.

Q4-2020 financial figures

In Q4-2020, Census announced $1.1 million of revenue, up from $0.7 million the year before. Meanwhile, the company incurred $13.8 million of net loss on a GAAP basis. Throughout the year, Census has earned $3.2 million while incurring a $59.3 million loss. This year since March share price of ASXC has remained bearish. It also plunged to a low of $1.63. However, Wedbush analysts have started coverage on this stock with a target price of $4 per share, initiating a mini-rally to $2.34 until this point.

From where we see, the company has a 5% market share when it comes to laparoscopy, and this might support its share price target, which is >$7. This doesn’t seem unachievable. With the company trying to rebrand itself and creating better sales, favorable news is flowing in, keeping ASXC up. Intuitive Surgical and its Da Vinci system is Asensus’ competitors.

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